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CHAMWE KAIRA Oceana Group’s horse mackerel sales volumes in Namibia reduced by 20,5% mainly due to a reduction in catch rates. Oceana said firm market demand, together with the benefit of the weaker exchange rate on US dollar export sales, resulted in an improvement in rand prices partially offsetting the volume reduction. The company said an improvement in fishing days and vessel utilisation resulted in hake sales volumes increasing by 20,8%. “Industry wide catch rates remained below historical average for the period with some improvement experienced in the second quarter,” the company said. The total allowable catch for pilchards in…

MICC Properties Namibia (Pty) Ltd, recorded a profit of N$44 million for the year ended 30 March 2024 compared to N$41 million in the previous year. The company controls 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango. Vukile Property Fund of South Africa has a 36% interest in MICC Properties Namibia. The group said opening balance at carrying value at N$134 million compared to N$119 million in 2023. Rental revenue during the period was N$137 million compared to N$129 million in 2023. MICC said net operating income was N$86 million while profit was N$44 million…

The 2024/25 financial year borrowing plan released by the Bank of Namibia outlines a net financing need of N$15.3 billion for the financial year, including a significant Eurobond maturing in October 2025. The Bank of Namibia plans to source funds primarily through local government debt securities and external debt financing. The strategy includes raising N$12,8 billion from the domestic market, N$8,8 billion from fixed-rate bonds, N$2,9 billion from Treasury Bills (TBs), and N$1,1 billion from inflation-linked bonds. “A new fixed rate bond may be issued later in the year. If the domestic target is not met, a JSE-listed fixed-rate bond…

Germany’s official development assistance since Namibia's independence until 2023 amounts to approximately 1,6 billion Euro (roughly N$32 billion). In per-capita terms, Namibia is thus the largest recipient of German development cooperation in Africa, according to figures released German Embassy Windhoek. Employment creation, poverty reduction and reducing inequality is a central component of the relations between Namibia and Germany. The National Planning Commission and the Federal Republic of Germany, have since signed two government agreements on financial cooperation and technical cooperation between Namibia and Germany. These agreements cover three new programmes to the value of 19 million Euros (currently approximately, N$386…

Alexander Forbes Namibia Holdings Proprietary Limited has an outstanding principal of N$14 million on its of N$28 million loan it got in December 2020 for the refurbishment of the Namibia head office. The Senior Debt Facility (SDF) is an unsecured five-year term loan facility. Alexander Forbes Financial Services Namibia Proprietary Limited has provided a guarantee to the lender for this obligation. The outstanding principal of N$14 million and outstanding interest are payable at maturity, the company said. In December 2020 Alexander Forbes Namibia obtained a senior debt facility (SDF) of N$28 million dollars to finance the capital expenditure on the…

Namibia has been ranked in the top 10 in the Global Gender Gap by the World Economic Forum. Out of the 35 economies included in the group, 21 are in the top 100, and one, Namibia, is in the top 10. The top five performers in the region are Namibia (8th, 80,5%), South Africa (18th, 78,5%), Mozambique (27th, 77,6%), Burundi (38th, 75,7%), and Rwanda (39th, 75,7%). Over half of Sub Saharan African countries (18) have closed over 70% of their gender gap, and only Chad trails behind the two-thirds mark (57,6%). World Economic Forum said that in sixth place, Sub-Saharan…

Bannerman Energy Limited has announced significant further de-risking of its Etango uranium development in the Erongo Region through the completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes. The company said the completion of FEED and the CBE has refined the outcomes of the Definitive Feasibility Study (DFS) undertaken in late 2022, delivering enhanced accuracy and key cost estimates. Bannerman is currently undertaking early works construction activities for Etango-8, in parallel with offtake marketing and strategic financing works streams. Commenting on these outcomes, Bannerman Chief Executive Officer, Gavin Chamberlain, said: “The early development of our…